Updated at 2:30pm Eastern
It owns and operates 18 radio stations in the markets of Fort Wayne; Valparaiso; Las Cruces, N. Mexico; and Tallahassee, Fla.
Now, the company led by CEO Ron Stone is being acquired by an entity controlled by shareholders that were investors in Adams Radio Group when the company was initially formed in 2013.
It is being acquired by Adams Radio Acquisition Co. LLC for $12.6 million, an asset purchase agreement filed with the FCC for approval confirms.
And, to little surprise, the company will continue operating under the Adams banner.
“I am grateful to Steve Adams for the opportunity to build a second Adams Radio Group,” said Stone, who served as Steve’s Chief Financial Officer in the original Adams Radio Corporation. Adams gave Stone his first General Manager opportunity at KEZK-FM in St. Louis. “The opportunity to work with Steve a second time and build a new group was a dream come true for me. We formed Adams in 2013 and it has been an incredible experience. I have been surrounded by some of the brightest people in the business. I look
forward to seeing the company continue to grow and our most dedicated staff prosper under the new ownership and leadership.”
The ownership group is comprised of individual investors led by Stephen Adams, Chairman and majority owner. He was the former Chairman of Adams Radio Corporation and Adams Broadcast Group, which successfully owned and operated radio and TV stations in such markets as San Diego, Phoenix, Seattle, Monterey-Salinas, Grand Rapids, Charlotte, Denver, and San Antonio between 1985 and 1996.
An escrow deposit of $315,000 is being held by Kalil & Co., which is the exclusive broker for this transaction, representing Adams Radio Group.
The acquisition announced September 28 is expected to be completed by December 31.
The Adams Radio of today owns and operates 18 stations. Plans are to add new markets as opportunities present themselves.
Meanwhile, contrary to one report, Sharon Bordwell has been retained as the new company’s CFO. Stone will continue to manage the group until closing.
Stone says he expects to be busy for a few months post close wrapping up old company business and plans to take some time to assess new opportunities that will enable him to continue to make contributions to the radio industry, including continuing as President and Executive Director of the Independent Broadcasters Association.
